(The Guardian) Americans to pay more after Trump launches trade war with top partners, major retailers warn – report
The CEOs of two large retailers in the United States say shoppers are likely to see prices rise as a result of the tariffs Donald Trump placed on Canada and Mexico, and his hike in levies on China.
The warnings from the CEOs of Best Buy and Target, reported by CNBC, contradict the president’s assertion that the costs of his trade war will not be borne by US consumers, who rebelled against his predecessor Joe Biden after the US economy was hit by its worst bout of inflation in decades.
“Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” Target CEO Brian Cornell told the network in an interview. “If there’s a 25% tariff, those prices will go up.”
On an earnings call, Best Buy CEO Corie Barry said China and Mexico were his firm’s two biggest suppliers, and price hikes were inevitable.
“Trade is critically important to our business and industry, the consumer electronic supply chain is highly global, technical and complex,” Barry told shareholders, according to CNBC. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.”
The CEOs of two large retailers in the United States say shoppers are likely to see prices rise as a result of the tariffs Donald Trump placed on Canada and Mexico, and his hike in levies on China.
The warnings from the CEOs of Best Buy and Target, reported by CNBC, contradict the president’s assertion that the costs of his trade war will not be borne by US consumers, who rebelled against his predecessor Joe Biden after the US economy was hit by its worst bout of inflation in decades.
“Those are categories where we’ll try to protect pricing, but the consumer will likely see price increases over the next couple of days,” Target CEO Brian Cornell told the network in an interview. “If there’s a 25% tariff, those prices will go up.”
On an earnings call, Best Buy CEO Corie Barry said China and Mexico were his firm’s two biggest suppliers, and price hikes were inevitable.
“Trade is critically important to our business and industry, the consumer electronic supply chain is highly global, technical and complex,” Barry told shareholders, according to CNBC. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.”
